Question: Q1: When a foreign-invested institution intends to acquire a NEEQ quoted company as a strategic investor through an agreement transfer, will it be required to get the approval or filing of the Ministry of Commerce?

Answer: A1: According to the Foreign Investment Law of China, the Ministry of Commerce will no longer approve or archive the establishment and/or alteration of foreign-invested enterprises. Foreign-invested enterprises are obligated to report any information deemed necessary by the Foreign Investment Law of China and the Foreign Investment Information Reporting Measures. Strategic investment by foreign investors in domestic listed companies must meet the requirements stipulated in the Administrative Measures for Foreign Investors' Strategic Investment in Listed Companies 2015. Any content inconsistent with the Foreign Investment Law of China in the Administrative Measures for Foreign Investors' Strategic Investment in Listed Companies 2015 shall no longer be implemented.